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Research on the Effectiveness of China's A-Share Main Board Market E3S Web of Conferences 235, 01031 (2021) https://doi.org/10.1051/e3sconf/202123501031 NETID 2020 Research on the Effectiveness of China's A-share Main Board Market Yekai LI 1 1South University of science and technology, Mianyang, Sichuan Abstract. The effectiveness of the stock market is an important indicator to measure the efficiency of capital allocation in the secondary financial market, and is of great significance to the operation of the national economy. Whether the Mainland China's stock market is weakly effective has always been controversial. This article uses the measurement method to conduct empirical data research on the five randomly selected stocks and the Shanghai Composite Index, analyzes the conclusions and analyzes the underlying reasons that lead to the low effectiveness of the Mainland China stock market. company circling, and large shareholder misappropriation 1 Introduction of funds. Measuring and evaluating the effectiveness of China's domestic stock market and its influencing factors can provide references for investors and investment 1.1 Research background institutions, and provide help for further improving the effectiveness of our domestic stock market. In 1965, Eugene Fama, a professor of finance at the Second, exploring whether the CAPM model is University of Chicago in the United States, published a applicable to the Chinese stock market. The CAPM model paper entitled "Stock Market Price Behavior" and has proven its applicability in mature financial markets, proposed an efficient market hypothesis. In 1952, but its applicability in the Chinese market remains Markowitz published an article on "asset selection", and controversial. Whether the CAPM model is applicable is the study of economics entered a new era, realizing a leap actually an important reflection of the maturity of the from qualitative to quantitative. financial market. After years of financial market reforms, In 1990, the Chinese government allowed Shanghai China’s financial market governance has improved, but and Shenzhen to pilot public offerings of stocks, but they China should take advantage of the chase to further did not receive much attention. In 1995, China once again improve the market mechanism, create a fair and just took measures to focus on supporting the stock market, investment environment for investors, and optimize the creating a relaxed political environment for the rational allocation of social resources. development of the stock market, and the stock market also used this to help rapid development. Therefore, China's research on stock market efficiency began mainly 2 Literature review in 1995. First of all, some scholars believe that the Chinese stock market has not yet reached the weak form, mainly based 1.2 Research significance on the six methods of CAPM model, genetic programming First, exploring whether the Chinese stock market is technology, BDS test, comparative analysis of weakly effective. At present, the United States still has the comprehensive stock indexes with stock markets around largest stock market in the world, with a total volume of the world, R / S analysis method, and variance ratio test approximately US $ 31 trillion. In 2015, China's stock method. Jin Yunhui and others also used the CAPM basic market once surpassed US $ 10 trillion. However in 2018, model to measure the data from 1997 to 2000, and reached China gave way to the title of the world's second largest the same conclusion. Xie Baohua et al. studied the stock market in Japan, at which time the market value of Shanghai Composite Index from December 21, 2001 to the Chinese stock market shrank to about 6 trillion US March 2002 and the Shenzhen Component Index from dollars. Most of the 828 new shares added during the three December 1, 1995 to March 2002, with a total of 772 years have plummeted, and the worst of them is the weekly closing prices, and believed that the weak form of ChiNext, which has broken a three-year low. This means the Chinese securities market was not valid. Hu that even after nearly 30 years of development, China's Changsheng and others measured the Shanghai Composite stock market is still chaotic, such as dealer trading, listed Index and Shenzhen Composite Index from 1992.5.21 to 2003.20, and believed that the Shanghai and Shenzhen +86 15318814651 [email protected] © The Authors, published by EDP Sciences. This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0 (http://creativecommons.org/licenses/by/4.0/). E3S Web of Conferences 235, 01031 (2021) https://doi.org/10.1051/e3sconf/202123501031 NETID 2020 stock markets do not yet have weak-form effectiveness, the medium and long term is basically invalid because of but the effectiveness is indeed improving. Gu Rongbao strong government Intervened in the operation of the stock and others believe that although the Chinese stock market market. has not yet reached weak-form effectiveness, the 2005 In addition, some scholars believe that the Chinese split share structure reform will play a considerable role in mainland stock market has initially been weakly effective. promoting the effectiveness of the stock market in the long They mainly use time series analysis, difference run. Li Linxiang divided the data into three phases: significance analysis and five-factor model. 1990.12.20—1996.10.16 for the early market, Deng Zilai et al. tested the stock prices of 20 1996.10.17—2007.10.17 for the bull market, and companies listed on the Shanghai and Shenzhen stock 2007.10.18—2013.11.20 for the bear market. The markets from 1998.7-1998.8 through weak-form random Shanghai Composite Index closed for a total of 5605 travel, and tested 12 stocks listed on the Shenzhen and trading days The price is a sample, and the analysis shows Shanghai stock markets from 1997.6.1 to 1997.12.1 that the market efficiency may be gradually rising. The through weak-form autoregression. The stock index of the bear market is more effective than the bull market, and the stock market and stock market, the research believes that bull market is more effective than the early stage; however, after two years of development, China's two stock markets it is also believed that even if the efficiency is gradually have initially been weakly effective. Ma Yanxiang rising, the Chinese stock market has not yet reached weak- analyzed the historical data on the return rates of Shenzhen form efficiency. Yan Luo et al. 1992.1-2013.12 Shanghai and Shanghai stock markets from 2007 to 2008 and and Shenzhen A-share daily and monthly yield data pointed out that neither the Shenzhen and Shanghai researched the stock miscalculation based on stock price markets have autocorrelation or partial autocorrelation, deviation from the predicted intrinsic value, and believed which meets the requirements of weakly efficient market that the stock misvaluation in the Chinese A-share market inspection, so they are all weakly efficient markets. Zhu has a strong The ability to predict earnings may be due to Konglai et al. used the daily closing price and daily rate of the low efficiency of the Chinese market. However, it also return of the Shanghai and Shenzhen stock market pointed out that after 2005, the misvaluation effect of composite indices from 2010.1.4 to 2011.4.1. The study China's stock market has weakened, affirming the positive believes that the Shanghai and Shenzhen markets have effect of the shareholding reform on the efficiency of basically achieved weak-form effectiveness, and the China's stock market. Wang Weihan's analysis of Shanghai Shanghai Composite Index is against the Shenzhen stock market data (2011.1.1-2016.1.1) believes that the Composite Index. The daily rate of return has a certain impact of non-systemic risk on the return rate is greater predictive effect, and the Shanghai and Shenzhen stock than systemic risk, so the weak form is not valid. Qu Hui markets have basically reached a combined weak form. et al. used a technical trading system based on genetic Zeng Jinsong adopted a two-stage test method to test programming to measure the historical data of the the data from 1998 to 2004, and the results showed that Shenzhen 100 Index for a total of 1503 trading days from the technical analysis method did indeed obtain less 2004.01.02 to 2010.03.12, and believed that the Chinese returns in the latter period than in the previous period, and stock market has not yet reached weak-form efficiency. the effectiveness of the market was enhanced. Zhou Luo Wang Hongxia et al. used genetic programming to et al. improved the CAPM model, taking the scale factor, measure the Shanghai Composite Index and 5 stocks in the book-to-market ratio factor, profitability factor, and Shanghai and Shenzhen stock markets. The results suggest investment model factor into the model, and found that the that China’s stock market has not reached weak-form degree of fitting was significantly better (up to 65% fitting efficiency. Wei Sun studied the composite indexes of SHA, rate), but The explanation effect is still not as good as the SHB, SZA, SZB, and non-inland HKCEI from 1998 to US market. 2012 and the stock markets of various countries in the world. The study found that the correlation between the mainland China stock market and other stock markets in 3 Model selection and experimental the world is not significant, while Hong Kong The stock steps market is closely connected with other stock markets in the world, that is, China's inland stock market has not 3.1 Brief description of the model reached weak-form efficiency. Tan Xueyan used the R / S analysis method to divide the Chinese stock market into four stages: the budding stage, the preliminary formation 3.1.1 Proposed model stage, the rapid development stage, and the further standardization stage.
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